August is Black Business Month!
August is National Black Business Month, a time to recognize and support Black-owned businesses and entrepreneurs across the country. It was created in 2004 when engineer Frederick E. Jordan and historian John William Templeton partnered to o “drive the policy agenda affecting the 2.6 million African-American businesses,” and cultivate greater economic freedom for Black communities. According to the US Federal Reserve, Black entrepreneurs are twice as likely to be turned down for loans as their white counterparts. According to a report from consulting firm McKinsey, only 4% of Black-owned startups remain in operation after 3.5 years. Black-owned businesses are historically underrepresented in the marketplace and that’s why it’s so important to support them and help them thrive. We’ve compiled a list of seven Black-owned HBCU-bred businesses and five non-HBCU businesses to support this National Black Business Month!
Founded by North Carolina A&T University alumna Cheylaina Fultz, HBCU Legacy Fashion specializes in trendsetting clothing for children of proud HBCU graduates. The fashion brand aims to build awareness and pride and spark interest in obtaining a higher education from an HBCU. Twelve percent of each purchase goes back to the school, giving future HBCU students scholarships for their future HBCU college careers.
